Federal Reserve opens comment period on Upstart Holdings bank holding company application

The Board of Governors of the Federal Reserve System published a notice (FR Doc 2026-21894, Vol. 91 No. 206, pp. 67578-67579) on Oct. 27, 2026 listing applications for formations, acquisitions, and mergers of bank holding companies under the Bank Holding Company Act of 1956 and Regulation Y.

One application is from Upstart Holdings, Inc., Burlingame, California. Upstart seeks approval to become a bank holding company by acquiring Upstart Bank, National Association, Wilmington, Delaware, and retaining Upstart Bank's existing affiliates, including a series of trusts, LLCs and other entities listed in the notice. The filing states the proposed company will extend credit and service loans, engage in asset management, servicing and collection activities, and provide data processing, storage, and furnishing services as authorized under sections 225.28(b)(1), (2)(vi) and (14)(i)(A) of Regulation Y.

The public portions of all applications, including Upstart's, are available for inspection at the Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105-1579, and at the Board's offices, 20th Street and Constitution Avenue NW, Washington, DC 20551-0001. Comments must be submitted to the San Francisco Fed or the Board, addressed to Benjamin W. McDonough, Secretary of the Board, no later than Nov. 27, 2026. Electronic comments may be sent to the protected email address listed in the notice.

The notice cautions that comments will be made publicly available without alteration, except for removal of personal or business identifying information. Commenters are advised not to include confidential information that would be inappropriate for public disclosure.